AI in Smart Home Technology Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI in Smart Home Technology Market- (By Type (Smart Speakers with AI Integration, AI-Enabled Smart Thermostats, AI-Powered Smart Lighting Systems, AI-Integrated Security Cameras and Systems, AI-Enhanced Smart Appliances, AI-Driven Home Assistants and Virtual Companions), By Application; By Connectivity; By End-User, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global AI in Smart Home Technology Market is valued at US$ 12.7 Bn in 2023, and it is expected to reach US$ 57.3 Bn by 2031, with a CAGR of 21.3% during the forecast period of 2024-2031.
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The artificial intelligence (AI) market within the smart home industry has witnessed substantial growth in recent years, fueled by technological innovations and a growing consumer demand for smart home solutions. AI-enabled devices, such as automated security systems and intelligent thermostats, utilize machine learning to analyze user behavior and optimize home environments for improved comfort and efficiency. The incorporation of AI enhances the adaptability and responsiveness of home automation systems, thereby elevating overall system performance. Additionally, the proliferation of Internet of Things (IoT) devices and advancements in communication technologies are key drivers of this growth. Nevertheless, the market faces challenges, including concerns related to data security and privacy, as well as the high costs associated with the deployment of advanced AI systems.
List of Prominent Players in the AI in Smart Home Technology Market:
• Apple Inc.
• Amazon.com, Inc.
• Google LLC
• SAMSUNG
• Koninklijke Philips N.V.
• Xiaomi
• Honeywell International Inc.
• LG Electronics
• TP-LINK CORPORATION PTE. LTD
• Sony
• Logitech
• Belkin
• Ecobee
• August Home
• Arlo
• iRobot Corporation
• Vivint, Inc.
• Snap One, LLC
• Sonos, Inc.
• Netatmo
• Anker
• Ecovacs Robotics
• LIFX
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Market Dynamics
Drivers:
The growth of smart home technology is being fueled by the increasing adoption of Internet of Things (IoT) devices in residential environments. Artificial intelligence (AI) enhances the functionality of these devices by enabling communication and data-driven decision-making, thereby improving overall operational efficiency. Additionally, with heightened awareness of environmental sustainability, both individuals and businesses are seeking solutions to reduce energy consumption. AI-powered smart home systems optimize energy use, aligning with sustainability objectives and cost-saving goals. Furthermore, significant investments in research and development (R&D) from both startups and established technology firms are driving innovation, leading to more advanced and feature-rich AI-driven smart home solutions.
Challenges:
The integration of AI with IoT devices introduces substantial concerns regarding data security and privacy. Consumers are increasingly concerned about potential risks such as identity theft, unauthorized access, and data breaches arising from the sensitive information collected by smart home devices. Additionally, the complexity of AI-driven smart home systems may present challenges for some users, particularly regarding installation and maintenance. The steep learning curve and requirement for technical expertise may impede broader adoption. Moreover, the lack of standardization across smart home systems and devices limits interoperability, creating difficulties in integrating various products and resulting in fragmented user experiences.
Regional Trends:
The North American market for artificial intelligence in smart home technology is expected to dominate global revenue, with projections indicating strong growth at a high compound annual growth rate (CAGR) in the coming years. This growth is driven by the presence of key market players, ongoing technological advancements, innovative product launches, increased awareness of energy efficiency, rising government support, and the growing trend toward smart home automation. Similarly, Europe holds a significant market share, driven by a robust focus on environmental sustainability and heightened investments in advanced technologies. Additionally, the introduction of stringent energy efficiency regulations in the region is expected to further boost market expansion.
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Recent Developments:
• In December 2023, at CES 2024, LG Electronics (LG) debuted its cutting-edge Artificial Intelligence (AI) agent for smart homes. With the use of robotic, artificial intelligence, and multimodal technologies, LG’s smart home AI agent can move, learn, comprehend, and carry on sophisticated conversations. LG’s smart living solution, a companion and all-around home manager combined, improves consumers’ everyday lives and demonstrates the company’s dedication to achieving its “Zero Labor Home” objective. LG’s smart home AI assistant has a sophisticated “two-legged” wheel design that allows it to move around the house on its own. The movable leg joints of the intelligent device enable it to verbalize emotions and engage in verbal communication with users.
Segmentation of AI in Smart Home Technology Market
AI in Smart Home Technology Market- By Type
• Smart Speakers with AI Integration
• AI-Enabled Smart Thermostats
• AI-Powered Smart Lighting Systems
• AI-Integrated Security Cameras and Systems
• AI-Enhanced Smart Appliances
• AI-Driven Home Assistants and Virtual Companions
AI in Smart Home Technology Market- By Application
• Voice Assistance and Command Recognition
• Energy Management and Optimization
• Home Security and Surveillance
• Ambient Intelligence and Context Awareness
• Predictive Maintenance and Fault Detection
• Personalized Home Automation and Behavior Analysis
AI in Smart Home Technology Market- By Connectivity
• Wi-Fi Enabled AI Devices
• Bluetooth-Connected AI Gadgets
• Zigbee/Z-Wave Supported AI Devices
• AI Devices with Cellular Connectivity
• Ethernet/Wired Network-Connected AI Appliances
AI in Smart Home Technology Market- By End-user
• Residential AI Smart Home Systems
• Commercial AI Smart Home Solutions
• Industrial AI Applications in Smart Buildings
• AI-Integrated Healthcare Facilities and Assisted Living
AI in Smart Home Technology Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
